I let you do it this one time you'll do it again the contract with the customer which is very low prices must not be broken

although we are all interested in margin it must never be done at the expense of our philosophy margin must be obtained by

better buying emphasis on selling the right kinds of goods we want to sell operating efficiencies lower Mark markdowns greater turnover increasing the retail prices and justifying on the basis that we are still competitive could

he says in our opinion just a few things in life are noble and it is because just a few things are noble that noad has just a few Investments the Church of diversification is seen as an insurance against any one idea being wrong we would propose that if knowledge is a source of value ad and few things can be known for sure then it Li logically foll

dear Nick thanks for sending along the update you and Zach have made the right choice I predict you will find life is just beginning best regards Warren E Buffett

Nick is seeing himself in that story right now in 2008 he's like I got I got Berkshire I got Amazon the key is

to not mess that up he the key is to not interrupt this these honest compounding machines which in itself is a decision a daily decision not to do anything and arguably more difficult than to do something because I think we are naturally wi

the pressure of time was already Weighing on everyone one day John Hench stopped by to check the progress on the coaches and had an idea which he brought up to Walt why don't we just leave the leather straps off Walt the people are

never going to appreciate all the close-up detail Disney treated Hench to a tart little lecture you're being a poor Com

you have to be a learning machine you have to be doing the work now he he

referenced many times that it takes a long time now but it makes you go faster later on but that you'll study something he would study like an American company for like 15 years it would take him 15 years to find the Asian counterpart Nick is telling us something very similar

what the problem is what if we're right what if these are wonderful businesses what if Costco is going to get much bigger from here why is it then when you look at the history of investing that so few people cannot see success and what he means by that is they sell way too early so he says we take no comfort from the fact that not seeing success is

a vendor who does not consistently

and voluntarily quote its lowest price to our buyers will be permanently discontinued as a purchasing source for Costco